Woodkirk Stone
When it comes to investing with a guaranteed return, people always prefer to put their hard earned money in a fixed deposit as it is a low risk investment tool. Thus, before deciding to open an FD, it is very important to compare the rates between the different mandates. Investors are more likely to put their money in a bank that offers them the highest interest rate. But the rate offered by major lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank and others has been going down for some time. On the contrary, some small financial banks (SFBs) offer higher interest rates compared to larger and established players.
Smaller financing banks offer the highest interest rate ranging from 6.75% to 7%. According to its website, Suryoday Small Finance Bank offers interest ranging from 3.25% to 6.75% on deposits with a maturity of 7 days to 10 years.
North East Small Finance Bank offers an interest rate ranging from 3% to 7% on FDs with a maturity of 7 days to 10 years.
Jana Small Finance Bank offers interest rates ranging from 2.5% to 6.75%. Utkarsh Small Finance Bank offers interest rates ranging from 3% to 6.75%
SBI FDs between 7 days and 10 years will give 2.9% to 5.4% to general clients.
HDFC Bank offers interest ranging from 2.50% to 5.50% on deposits with a maturity of between 7 days and 10 years.
ICICI Bank gives interest rates ranging from 2.5% to 5.50% on deposits with a maturity of 7 days to 10 years.
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